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05/04/2017

The new 12 sided £1 coin has entered circulation

£1 Coin

Billed by the Royal Mint as the “most secure coin in the world”, the new £1 coin has entered circulation amid concerns about the 30-year old coin’s vulnerability to counterfeiting, with approximately one in thirty coins in circulation a counterfeit.

New features of the 12-sided £1 coin

  • 12-sided with rounded edges
  • Bimetallic – the outer ring is gold coloured and the inner ring is silver coloured.
  • Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’.
  • Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side.
  • Milled edges – it has grooves on alternate sides.
  • Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future.

Co-circulation – six-month phase-out period

  • Both current and new coins will be valid legal tender between 28th March and 15th October 2017
  • If you have equipment in store that accepts £1 coins, ask your supplier if the machines can accept both coins. If not, display in-store posters to explain to customers which coins can be used.
  • Ensure you return the current £1 coin and the new £1 coin in separate money bags to the bank, Post Office or cash in transit provider.
  • After 15th October 2017 only the new £1 coin will be legal tender — do not accept the old, round £1 coin from customers or distribute them after that date.
  • From 16th October 2017 onwards, old £1 coins can continue to be deposited into a customer account at most high street banks and at the Post Office – check with your bank for further details.*

Click here for the latest ACS advice

Visit www.thenewpoundcoin.com for more information

** http://www.thenewpoundcoin.com/

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